Agent/realtor vetting buying clients

[Anonymous]

What is meant by a real estate agent or realtor vetting potential buying clients? I have a letter from my broker re the amount I intend to pay in cash and settlement fees. What else might she or he want to know?

[Anonymous]

Can provide some more context please?

[Anonymous]

A good agent will actually ask to speak with lenders and financial advisors/brokers. They want to know your funds are liquid, that the individual themselves is a real person, how long it may take to gather funds or cash in anything, etc. I know people are sensitive about sharing financials, but the agents should be doing this kind of due diligence to protect their clients and ensure they are dealing with bona fide funds and individuals.

[Anonymous]

2347, letter is from a well known brokerage firm. Firm's consultant is pretty much hands off meaning I manage the funds within the account. That's pretty typical these days.

Other that that I am not clear as to what kind of vetting the realtor may be trying to do. So far, however, they have asked some fairly invasive questions, and I note this agent is female.

In the past I've worked with other agents, both genders, who do not ask details re finances. Male agents look the broker's letter and are satisfied...so unclear as to what female agent is after.

[Anonymous]

Also agent is a buyer's agent so no seller to protect. This agent asserts she does not do dual agency. Buyer's agent and I have a common alumni bond, via many years ago.

Tattoos? I don't but not clear on why that matters.

[Anonymous]

There is no reason to provide this information to a buyer’s agent.

[Anonymous]

Anonymous wrote:2347, letter is from a well known brokerage firm. Firm's consultant is pretty much hands off meaning I manage the funds within the account. That's pretty typical these days.

Other that that I am not clear as to what kind of vetting the realtor may be trying to do. So far, however, they have asked some fairly invasive questions, and I note this agent is female.

In the past I've worked with other agents, both genders, who do not ask details re finances. Male agents look the broker's letter and are satisfied...so unclear as to what female agent is after.

Women do tend to be more detail oriented. It sounds like she is a better agent than the male doofuses.

[Anonymous]

Anonymous wrote:2347, letter is from a well known brokerage firm. Firm's consultant is pretty much hands off meaning I manage the funds within the account. That's pretty typical these days.

Other that that I am not clear as to what kind of vetting the realtor may be trying to do. So far, however, they have asked some fairly invasive questions, and I note this agent is female.

In the past I've worked with other agents, both genders, who do not ask details re finances. Male agents look the broker's letter and are satisfied...so unclear as to what female agent is after.

I love when people on this site make generalizations. Why would you even mention that the agent was female? You've had some experience with your own real estate transactions and think you know everything? Even if you have bought and sold 10 houses in your lifetime it doesn't exactly make you an expert on anything real estate related and really comes off as misogynistic.

[Anonymous]

They want to know this before they work with you???

[Anonymous]

Anonymous wrote:Also agent is a buyer's agent so no seller to protect. This agent asserts she does not do dual agency. Buyer's agent and I have a common alumni bond, via many years ago.

Tattoos? I don't but not clear on why that matters.

It's a previous thread. Where to move where people don't have tattoos.

[Anonymous]

Anonymous wrote:A good agent will actually ask to speak with lenders and financial advisors/brokers. They want to know your funds are liquid, that the individual themselves is a real person, how long it may take to gather funds or cash in anything, etc. I know people are sensitive about sharing financials, but the agents should be doing this kind of due diligence to protect their clients and ensure they are dealing with bona fide funds and individuals.

I wouldn’t agree to this! I’ll show them bank statements and a pre-approval letter.

[Anonymous]

Anonymous wrote:They want to know this before they work with you???

Yes.

[Anonymous]

For a cash purchase?

[Anonymous]

Why don’t you just ask them?

“Can you help me understand why I need to provide this information? What questions/concerns are you trying to address with this information?”

[Anonymous]

They want to know you have enough money to buy the kind of house that you want to buy. If you don't like the questions, move on to the next agent. There are thousands.